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The Free Forex Scalping MT4 Indicator - Chart Setup

If you want to be a professional scalp trader you’ll have to use adequate tools to read the intraday price fluctuation and we believe that you will like the Free Forex Scalping MT4 Indicator that we have for you to download as it will keep you more often than not on the right side of the market.

Free Forex Scalping MT4 Indicator

The Free Forex Scalping MT4 Indicator is an outstanding tool for scalpers not just because it’s an easy indicator to use and interpret, but because it will keep you on the right side of the market. It looks quite similar to the MACD histogram and it’s a trend following momentum indicator and it’s supposed to reveal any changes in strength and momentum of a trend in different time frames. Usually, if the price is in the read histogram zone ideally we would want to sell and conversely, if the price is in the green histogram zone ideally we would like to buy. The signals provided by the Free Forex Scalping MT4 Indicator are extremely accurate.

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Free Forex Scalping MT4 Indicator - Settings

Free Forex Scalping MT4 Indicator Settings

The indicator comes with two variable which by default are set as follows:

• Intensity = 50;
• Periods = 800;

The “intensity” variable refers to the intensity or the strength of the trend, the higher the intensity the stronger the trend is while the “periods” variable indicates how far back are we going go in order to calculate the strength of the trend.  

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Free Forex Scalping MT4 Indicator - Trading Rules

The very first thing you want to do when you’re scalping the market is you want to try to identify the long-term trend because it will help you trade in the right direction. Even though you are scalping short-term trades you still want to go with the trend because that will carry your profits to longer and bigger levels. Without further ado, here are the specific rules that need to be followed when scalping with the Free Forex Scalper MT4 Indicator:

• Entry: We’re going to use the 5-minute time frame to enter the market, but we also want to make sure we’re trading only in the direction of the bigger trend. In this regard, we’re always going to check both the 1h and 4h time frames to align in the same direction either bullish or bearish before entering any trades. After we had established the direction of the bigger trend we’re going to wait for the Free Forex MT4 Indicator on the 5-minute chart to align with the direction of the bigger TF trend before entering the market.
• Stop Loss: We’re going to exit once the indicator crosses in the opposite direction of our trade;
• Take Profit: We’re going to use a static taking profit of 20 pips or 40 pips for higher volatility pairs.

Trading with the Free Forex Scalping MT4 Indicator

Since we only want to trade in the direction of the bigger time frame trend we look at the 1h and 4h to align in the same direction and we have a representation of the EUR/USD 1H and 4H chart which both have generated bullish signal which means that we’re only going to buy in the 5-minute TF.

Free Forex Scalping MT4 Indicator - Buy/Sell Signals

Going forward, we’re going to switch to the 5-minute chart and look at the histogram to be green in order to start buying. Once the histogram crosses from red to green and vice versa, we’re going to enter the market following the above rules.

Free Forex Scalping MT4 Indicator - 5 Minute Trading

Time Frames Technically speaking, you can use this indicator for all time frames. However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly. We recommend that you use higher time frames like the 4H for better consistency. And of course scalping is a special skill that only you can develop through plenty of practise. Do what you are comfortable with... and be darn good at it. And with enough practise, we are confident that you will do GREAT!

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Free Forex Scalping MT4 Indicator Download

We have provided this powerful trend trading indicator to you at no cost. We humbly request for your help to spread the word by sharing on one of the social platforms below. To unlock the download link, you just need to share this page to help us achieve our goal of helping more traders out there.

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Leave us a comment below to let us know your thoughts on this indicator. If you like this indicator, you might like see other indicators that we have carefully selected that will help you in your trading journey. And if you can, you really should invest in a proven MT4 Expert Advisor to help you generate some profit on full autopilot. We highly recommend this powerful MT4 Expert Advisor. Visit our Free MT4 Indicator Download page. We hope you have enjoyed this post as much as we have creating it. Good luck and thank you for your readership.